Much work in neuroeconomics has focused on how the neural mechanisms of decision making adjust for the immediate versus the future consequences of a choice. This chapter reviews the key theoretical, behavioral and neurobiological findings regarding such intertemporal tradeoffs. It first reviews economic notions of discounting and the wealth of neurobiological data regarding the representation of discounted value in the brain. It then discusses the brain mechanisms that might support choosing delayed rewards over immediate ones, and the potential explanations for the failure to persist in the choice of a delayed reward while awaiting its receipt. The broader implications of these findings for psychology and economics are also discussed.